The report recognised the city's potential with Dublin ranked number one for 'economic potential' among large cities.

Dublin retained its third place position as the overall 'Global City of the Future' and entered the top ten in the category 'Large Cities for Human Capital and Lifestyle'.

According to the report, during the five-year period analysed almost half of all FDI in Dublin was tech-based.

The city has established a reputation as a software and IT hub, with major investments in recent years from US software giants including Facebook and Google.

Owen Keegan, Chief Executive of Dublin City Council said that today's report is a "phenomenal achievement" for the city.

"International rankings are an important benchmark to rate Dublin’s economic performance against our international peers, and we’re delighted to see that not only have we retained our overall third position globally, we’ve topped the category for our size and for economic potential.

"Our impressive performance as a city is a direct result of a supportive public policy environment created at both local and national level as well as multi-agency co-operation and collaboration across Government."